Hines Finalizes the Acquisition of the CBX Tower

(Paris La Défense, France) — Hines, the international real estate firm announced today that it has acquired the CBX building in Paris-La Défense on the commune of Courbevoie.

The purchase has been made through its AMF authorized asset management company Hines SGP, on behalf of South Korean investors (club deal with Hana Financial Investment and Daishin Securities) represented by Vestas Investment Management, from an investment vehicle managed by Tishman Speyer for almost 450 million euros.

On completion of the transaction - the first made by Hines SGP, established in December 2018 – the CBX Tower will join the Hines France real estate portfolio managed by the firm’s asset management team, taking the value of the portfolio to over 3.2 billion euros.

Today the 43,000 sqm., 32-story tower, which was completed in 2005 and renovated in 2017, is fully occupied.

"This is a remarkable acquisition that marks the beginning of a close collaboration with our partner Vestas Investment Management. It clearly demonstrates our desire to consolidate our strategic position in Paris-La Défense – with the acquisition of WINDOW in 2018 and the construction of the Saint-Gobain and Hekla Towers underway," said a delighted Xavier Musseau, President of Hines SGP.

For Vestas Investment Management, CBX is the second investment in the Paris region after So Ouest Plaza in 2017, and the eleventh asset acquired across the European region since 2016. The CBX acquisition illustrates the new Korean institutional investors’ mindset – now looking for appropriate risk-adjusted returns, rather than long-term fixed income strategy which is becoming more expensive nowadays.

During the transaction, Hines SGP was advised by firms Lacourte Raquin Tatar, Lasaygues & Associés Notaries, PwC for tax and structuring, Eppy for technical aspects, Mayer Brown for setting up the financing, and CMS Francis Lefebvre for setting up the OPCI (a real estate collective investment undertaking). The operation was financed by ING Bank on behalf of the purchaser. The vendor was advised by Depardieu Brocas Maffei, notaries Wargny Katz, and Franklin for tax.

About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 214 cities in 24 countries. Hines has approximately €105.4 billion of assets under management, including €58.1 billion for which Hines provides fiduciary investment management services, and €47.3 billion for which Hines provides third-party property-level services. The firm has 128 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,348 properties, totaling over 41 million square meters. The firm’s current property and asset management portfolio includes 512 properties, representing over 20 million square meters. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.

Since entering Europe in 1991, Hines has grown its European platform to include a presence in 55 cities in 13 countries and Hines currently has over €16.7 billion of assets under management in Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.

Hines France, which entered the French market in 1995, bases its expertise and knowledge on extensive experience in head offices, HMIs and particularly in La Défense, where it has developed more than 350,000 square meters, such as the EDF, Engie, Carpe Diem and WINDOW buildings. Hines France is currently developing 370,000 square meters of office space, including the Saint-Gobain tower and HEKLA tower projects at La Défense and the DUO towers (Paris 13th arrondissement). Finally, via its investment management activity, Hines France also manages a portfolio of assets with a value of 3.2 billion euros.

Hines SGP, a Hines regulated alternative investment management company, was granted approval by the AMF in December 2018. After finalizing the acquisition of the CBX Tower, it will manage a portfolio of assets with a value of 840 million euros.

Visit www.hines.com for more information